Salt Hydrate Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
Global salt hydrate market is experiencing a significant surge, driven by various factors such as the escalating demand for cold supply chain facilities, advancements in salt hydrate applications, and the expanding pharmaceutical and building & construction sectors. This report by Persistence Market Research delves into the trends, dynamics, and future projections of the salt hydrate market from 2024 to 2031.
Market Overview:
Salt hydrates, comprising inorganic salts and water, possess unique characteristics like high latent heat of fusion, superior thermal conductivity, and compatibility with plastics. The global salt hydrate market, valued at US$ 96.3 billion in 2024, is anticipated to reach US$ 187.7 billion by 2031, exhibiting a robust CAGR of 10% during the forecast period.
Key Market Drivers:
Increasing Number of Cold Supply Chain Facilities:
The burgeoning food & beverage production globally is propelling the demand for warehouses and cold supply chain facilities. This upsurge in infrastructure development is fueling the need for salt hydrate-based phase change materials, thereby bolstering the global salt hydrate market.
Development of Salt Hydrate for Chilled Ceilings and Cold Storage Systems:
Salt hydrates are finding extensive applications in air conditioning and cold storage systems due to their remarkable energy storage density and capability to maintain constant temperatures. Researchers have made strides in developing salt hydrates suitable for centralized cold storage systems and chilled ceilings in both residential and commercial buildings.
Growth in Other End-use Industries:
Segments such as electronics and textiles are experiencing significant growth in the utilization of salt hydrates for heat transfer applications and as textile substrates. This diversification in applications is contributing to the expansion of the salt hydrate market.
Segmentation:
The global salt hydrate market is segmented based on end-use industries and regions.
End-use Industries:
Pharmaceutical
Building & Construction
Food & Beverages
Others (textile, electronics, etc.)
Regions:
North America
Latin America
Europe
China
India
Southeast Asia & Pacific
Middle East & Africa
Regional Insights:
Europe:
Stringent environmental regulations in Europe are propelling the demand for phase change materials like salt hydrates in energy storage systems for buildings, positioning Europe as a high-value region for the salt hydrate market.
Southeast Asia & Pacific:
This region is poised to witness substantial growth, with countries such as India, China, and Japan displaying increased demand from the manufacturing and pharmaceutical transportation sectors.
Other Regions:
While all other regions are expected to exhibit moderate growth, Southeast Asia & Pacific is forecasted to register a significant surge in the salt hydrate market.
Competitive Landscape:
The global salt hydrate market is characterized by fragmentation, with the top five players collectively holding a small portion of the market share. Key players include Salca BV, Phase Change Products Pty Ltd, PCM Products Ltd, Rubitherm Technologies GmbH, RGEES, LLC, Pluss Advanced Technologies Pvt. Ltd, and Climator Sweden AB, among others. Product innovation and collaborations stand out as key strategies adopted by these players to sustain and expand their presence in the market.
Table of Contents
1. Executive Summary
1.1. Global Salt Hydrate Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2024
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis
3. Global Salt Hydrate Market Outlook, 2018 - 2031
3.1. Global Salt Hydrate Market Outlook, by Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
3.1.1. Key Highlights
3.1.1.1. Copper Salt
3.1.1.2. Table Salt
3.1.1.3. Others
3.2. Global Salt Hydrate Market Outlook, by End Use, Value (US$ Bn) and Volume (Tons), 2018 - 2031
3.2.1. Key Highlights
3.2.1.1. Pharmaceuticals
3.2.1.2. Building & Construction
3.2.1.3. Food & Beverages
3.2.1.4. Others (Textiles, Electronics, etc.)
3.3. Global Salt Hydrate Market Outlook, by Region, Value (US$ Bn) and Volume (Tons), 2018 - 2031
3.3.1. Key Highlights
3.3.1.1. North America
3.3.1.2. Europe
3.3.1.3. Asia Pacific
3.3.1.4. Latin America
3.3.1.5. Middle East & Africa
4. North America Salt Hydrate Market Outlook, 2018 - 2031
4.1. North America Salt Hydrate Market Outlook, by Type, Value (US$ Bn) and Volume (Tons), 2018 - 2031
4.1.1. Key Highlights
4.1.1.1. Copper Salt
4.1.1.2. Table Salt
4.1.1.3. Others
4.2. North America Salt Hydrate Market Outlook, by End Use, Value (US$ Bn) and Volume (Tons), 2018 - 2031